https://www.taxtmi.com/news?id=18287 The speech announces the launch of Goods and Services Tax as a unified indirect tax subsuming numerous central and state levies, governed by the GST Council which makes recommendations on laws, rates and exemptions by consensus. It explains that GST aims to remove cascading, make tax incidence transparent, improve export competitiveness and create a level playing field for domestic industry. Administration will rely on a modern IT platform (GSTN) with an input tax credit mechanism conditioned on sellers' actual tax payment, and the address urges continuous review to address implementation challenges. en-us Sat, 01 Jul 2017 09:54:03 +0530 Sat, 01 Jul 2017 09:54:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=18287 The speech announces the launch of Goods and Services Tax as a unified indirect tax subsuming numerous central and state levies, governed by the GST Council which makes recommendations on laws, rates and exemptions by consensus. It explains that GST aims to remove cascading, make tax incidence transparent, improve export competitiveness and create a level playing field for domestic industry. Administration will rely on a modern IT platform (GSTN) with an input tax credit mechanism conditioned on sellers' actual tax payment, and the address urges continuous review to address implementation challenges. News - Sat, 01 Jul 2017 09:54:03 +0530 https://www.taxtmi.com/news?id=18287